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Greenspan: Home prices haven't bottomed

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posted on Nov, 25 2007 @ 08:34 AM
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Greenspan: Home prices haven't bottomed


www.msnbc.msn.com

“The markets are becoming aware that the decline in U.S. housing prices is not stopping. It is at an unprecedented pace compared to the last 50 years,” Greenspan told a financial audience in the Norwegian capital.

He said the housing bubble had burst and the market was “a good deal away” from its selling climax — a point at which sellers ultimately lower their prices to match lower bids.
(visit the link for the full news article)


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posted on Nov, 25 2007 @ 08:34 AM
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Well, here's Mr. Bubbles Greenspin kicking the U.S. citizen while they're already down; plus, this is the guy who put the U.S. in this dangerous position from over a decade of his so-called leading the fed reserve.

The rest of the article, he's doing his word game in trying to divert real issues and more of his "predicting" is mentioned... one of the worst paradoxes ever:


“It turns out that sometimes it is not important, sometimes it is very important,” Greenspan said.


www.msnbc.msn.com
(visit the link for the full news article)



posted on Nov, 25 2007 @ 10:35 AM
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the thing with greenspan is he's a smart guy and that may seem like a no duh post concerning the position he held, but he was not indoctrinated into the system like the current fed chief Bernanke. Greenspan knows the fiat system is deeply flawed, and that the fed itself was never a "ship designed to steer america's economy with the intrests of the middle class in mind".

Basically greenspan was bought (and i'm sure his ego liked being appointed to the position, along w/ the presige) , and he toed the line for his tenure at the fed, now he may think or decide he can speak his mind, though it is tough to trust a guy, that spoke gobblygook for 15 years and has had to lie (cover his butt) saying he did not know what the consequences of his intrest rate actions would be, when he dropped them.

[edit on 25-11-2007 by cpdaman]



posted on Nov, 25 2007 @ 10:53 AM
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Alan Greenspan was the architect of the whole "supply side economics" debacle
brought in by the first wave of Neo-cons with the Reagan administration in 1980

Historians will point to Greenspan along with GHW Bush, David Rockefeller and Henry Kissinger as the 4 horsemen of Americas apocalypse.

The lower eschelon bankers have been exposed to the downside their own system requirements. Rule number one- when you exist through a system of debt, there has to be away for someone to pay the debt back.

..as Donald trump learned in the early 90's, "if you owe the bank a million dollars and can't pay it back, your in trouble..."

"...but if you owe the bank a billion dollars and can't pay it back, the banks in trouble"

The banker sent up a system of credit card debt , then passed a regulation preventing the debitors from declaring bankruptcy.

Then the same bankers started creating no money down no credit "sub prime" mortgages to keep the "lending money during a recession" game going in the early part of this century.

Some how they missed the fact that people would keep paying their credit card bills an skip paying their mortgage payments we money got scarce.

The banks cannot forclose on the mortgages without committing to the value of the loan note. The loan value was completely over inflated by the overpriced housing market. Once demand for overpriced homes fell, the market value fell. The banks cannot forclose with out bankrupting the bank itself...dooh !!!

The only way out of the quagmire is a complete overhaul of the value units( US dollars) which will mean some kind of deflationary period of no money to buy goods and services.

The FED keeps dumping money into the monetary system to delay the inevitable deflation of the monetary system and probable end of the dollar

Hello Amero !!!



posted on Nov, 25 2007 @ 11:03 AM
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reply to post by NWRHINO
 


Nice post, basically agreed w/ every word of it; Green'spin' is a master at tricking people into his version of the truth, a typical 'quality' of the killers in control. (ie: NWO, illuminati, "four horsemen" as alluded to above)

He's lead a hyper-inflation attack on the middle class for over a decade, but this was a problem going into that time period too. People need to realize the simple scam of the federal reserve and tell anyone they know to vote Ron Paul.

The 'lending rate' is such-and-such an amount, but the credit card and banking companies set their rates 'accordingly'? Hardly, there's interest rates up to 35%+ out there for those w/ shot credit.

Then, the 'financial derivatives' (aka: hedge/mutual funds, etc) exist on a totally linear plane of 'no relation' to a productive economy as the U.S. economy goes quicker to services.

A.G. is a waste and I don't need to hear his two cents about 'recessions' or 'oil wars' -- he's gone and 'helicopter' Ben better think 'differently' quick while the red ink rises: zfacts.com...

$9,127,686,549,268


[edit on 25-11-2007 by anhinga]



posted on Nov, 25 2007 @ 11:14 AM
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...also, this chart should be brought to the conversation, since the relation to what's occurring in the U.S. is the overall economic scene; w/ production numbers like this, foreclosures at record levels, a dollar sinking fast and the price of oil doubling over a couple of years -- danger ahead. I can't stress enough the problems w/ a services economy:




posted on Nov, 25 2007 @ 01:01 PM
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Anhinga,
You hit on one of my recent soap box topics..that being the vanishing middle class. Once composed of Production workers- autoworkers, steel workers ect...Who is today's middle class? Through 70's/80s and even 90's these people made our economy go. Now products we buy from Walmart ect go to support build up of the Chinese military.



posted on Nov, 25 2007 @ 01:14 PM
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reply to post by BlackProjects
 


...I feel you and appreciate someone caring - soapboxes!

The Chinese military point is well-taken, more then double the size of the U.S.; where are these production, middle-class workers going? There isn't much out there to crossover to. Dangerous times, gotta try to get the message out that Hillary is just as bad.



posted on Nov, 25 2007 @ 01:20 PM
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reply to post by anhinga
 


Many have been forced into an early retirement where their pension buyouts are running out. Others have had company go BK..examples include Delphi Electronics, Dana...They may soon be part of the foreclosures you mentioned earlier. Jobs they typically find pay much less.



posted on Nov, 25 2007 @ 02:01 PM
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reply to post by BlackProjects
 


Delphi is way more then electronics though. They were/are the parts supplier to all the automakers in the U.S. There was tens of thousands of layoffs in the last few years, and judging from the 'deficit' -- it's showing.

The middle-class, hole-in-the-walls will be around these parts sooner then... think (of) million(s) of bankrupt families from just the last quarter alone, having to get co-signing for renting? There has to be a backlash to these kind numbers.

And there will be, oh, there'll be a day of reckoning -- when all food isn't readily available, and there's lines at welfare, gas stations, welcome to second world status.

"Jefferson at rest, what do you suggest?"

[edit on 25-11-2007 by anhinga]



posted on Nov, 25 2007 @ 04:09 PM
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reply to post by anhinga
 


when our money becomes completly worthless and there is not the gas or food to buy as now-----------the cops will have to give up their tazers and resort to live ammo------------it will be kent state massacres of civilians as they riot for food all across the country looting whats left.our people are not used to hard times or going with out---------in new orleans after katrina destroyed it even many of the cops gave up on law enforcement and joined in with the looting.the film about "mad max" isn't so far fetched anymore.



posted on Nov, 25 2007 @ 04:28 PM
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reply to post by yahn goodey
 

We need to get the bees back so there will be more food. But how?



posted on Nov, 25 2007 @ 04:30 PM
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This was a great post and great education from Mr. NWRHINO

I noticed some areas are worse than others when it comes to the inflated price of housing that seemed to peak around 2003.

Right before we bought our first home (in winter 2003) I thought, how can these people afford this? I thought, well, people's incomes haven't sky rocketed, so how are they doing this?

We were helped out a lot financially by my father, he gave us the down payment for a $350,000 house (long Island, NY). So we had to buy, or risk not receiving the money he was giving us.

We went from house to house in the fall of 2003 and whenever we liked one and wanted to begin the transaction we were told repeatedly that there had been a "full price offer", etc. So discouraged we'd move on to see the next house.

I couldn't believe that so many people were buying houses at that time. We had no choice, but these other people did!

I noticed the value of the houses in my area have not dropped in the 4 years we've been here. They actually increased alittle in value and have leveled off. For the past 2 years the value has not changed.

I think the middle class now is composed of mainly professionals who are just getting by if they have a mortgage. People in the health care profession are doing ok concidering.



[edit on 25-11-2007 by Electro38]

[edit on 25-11-2007 by Electro38]



posted on Nov, 25 2007 @ 04:46 PM
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reply to post by pc is here
 


well if some one could convince the governments agricultural "doctors"to stop poisoning the plants/flowers that the poor bees try to get food from while they "accidentaly?" pollinate those crops so we can have something to eat ---the bees might recoup------but my guess is that the "doctors?" will win out and we will get to go hungry while they all play at being "gods"



posted on Nov, 25 2007 @ 05:07 PM
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reply to post by pc is here
 


you and my wife would probably hit it off together-----i just told her what you said and that i couldnt understand why you would say such a thing in regards to peoples conduct during food riots due to the economic collapse thats coming and the poor bees.she says she understands what you say completly about the bees---------------maybe i need a psychiatrist? because i cant see the connection at all------but what would i know -----i'm just a guy----------dont have a clue how girls think ?



posted on Nov, 25 2007 @ 05:12 PM
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Originally posted by anhinga


Well, here's Mr. Bubbles Greenspin kicking the U.S. citizen while they're already down; plus, this is the guy who put the U.S. in this dangerous position from over a decade of his so-called leading the fed reserve.

The rest of the article, he's doing his word game in trying to divert real issues and more of his "predicting" is mentioned... one of the worst paradoxes ever:



I have to disagree with your statements. Mr.Greenspan didn't force anyone to get mortgages they couldn't afford.

People only looked at monthly payments instead of worst case scenario's. Instead of being starry-eyed about a monthly payment they could afford, they should have thought about, what ifs.

I am all about people getting a home, but most people over extended themselves and did not exercise personal responsibility.

Although I agree most people are led in mortgages they can't afford, they have the ultimate choice, to buy something that if the $hit hits the fan they can survive the downward dip or to not buy at all.



posted on Nov, 25 2007 @ 05:14 PM
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What do bees have to do with the mortgage market?

Never mind.
Don't answer that.

Mod Note: Stay On Topic – Please Review This Link
.



posted on Nov, 25 2007 @ 05:21 PM
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Originally posted by Gools
What do bees have to do with the mortgage market?

Never mind.
Don't answer that.

Mod Note: Stay On Topic – Please Review This Link
.


Gools for God-Sake's.

Don't you know you get more money with Bees?

Or is that the other way around you get more Bees with money?



posted on Nov, 25 2007 @ 06:39 PM
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reply to post by Realtruth
 


When banks started going to current interest rates, (credit cards) Bubbles was supposed to step in -- he didn't.... what about the 'house flipping' scams people are pulling? Some of them are in debt millions of dollars. The U.S. wants an illegal fed reserve, then take the crime boss w/ it, who was set-out on destroying America from his first day there.


Greenspan blocked regulation of subprime lenders during his tenure as Federal Reserve chairman, claims Edward Gramlich of the Urban Institute, in a book he has just written: Subprime Mortgages: America's Latest Boom and Bust, published by the Urban Institute. Gramlich was a Fed governor from 1997-2005.

According to the June 9 Wall Street Journal , Gramlich said he had pressed for the Fed to show leadership in regulating predatory lending, but Greenspan was against the idea, which clashed with his free-trade ideology.


www.larouchepac.com...


Alan Greenspan, an acolyte in the cult of Ayn Rand, was appointed chairman of the Federal Reserve Board in August 1987, shortly before the "Black Monday" crash of Oct. 19. From that perch, he has for 18 years overseen the deregulation of the U.S. financial system, allowing financial derivatives to run wild, overwhelming the physical economy, and bringing the world to the precipice of economic-financial collapse.

March 3: U.S. Senate Minority Leader Harry Reid (D-Nev.) states that "Greenspan is the biggest political hack we have here in Washington," in a CNN interview.


"Greenspan Shrugged"

This is why we have 'helicopter' Ben Bernake dropping money into the system weekly.



[edit on 25-11-2007 by anhinga]



posted on Nov, 25 2007 @ 06:52 PM
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Originally posted by anhinga
When banks started going to current interest rates, (credit cards) Bubbles was supposed to step in -- he didn't.... what about the 'house flipping' scams people are pulling? Some of them are in debt millions of dollars. The U.S. wants an illegal fed reserve, then take the crime boss w/ it, who was set-out on destroying America from his first day there.



While I am not going to disagree with your points here. I will say that people/citizen's still need to allow this to happen. Instead of forcing the issue's at hand to change or make the people in charge accountable, most people (US citizen's were content with the status quo.

Now things are changing and people are waking up. What will happen next? I don't really know, but time will tell.

I would like to see the USA back on track as well as everyone else.



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